What does this mean? Offer of a loan.

Daddyto3

Hi,

We have decided to consolidate all cc/s and cahoot loan to one loan with a lower apr, i know generally consolidation is not the way to go, but the apr's we were paying for all the above were astronomical. We have managed to secure a loan at 5.7% and have received the pre-contract information this morning.

I have read it all thoroughly but unsure what this little bit means?

"If you settle your loan early, the settlement amount that you would have to pay per £1000 borrowed would be as follows, for example, if you wanted to settle when a quarter of the repymanet period had passed the settlement amount per £1000 borrowed would be £779.14.
If half the repayment period had passed the settlement per £1000 would be £537.31 and if 3/4 had passed the settlement amount per £1000 would be £278.01"

Additional info for MSER's
The loan is £8000 over 60 months at 5.7%

So, scenario, say we had pay half of, so the settlement figure would be £537.31 x 8 (8k) = £4298.48 ??????????

Would that be how you all would interpret it?

Thanks for you advice in advance.

Astaroth

Yes, thats how I would interpret it too

Daddyto3

Cheers mate.

Astaroth

Doesnt mean it is right.... though given the "plain english" aspect of contract law then I guess it does almost make it right